SAN MATEO, Calif., June 2, 2016 /PRNewswire/ -- SolarCity (Nasdaq: SCTY) has unveiled a new solar loan program—available in 14 states –that will allow many customers to immediately pay less for solar each month than they previously paid for utility bills and pocket thousands in additional dollars from applicable tax credits. The company has leveraged its installation volume—SolarCity installed more residential solar in 2015 than the next 50 competitors combined—to negotiate extremely favorable terms on behalf of its customers.
"We can now offer a loan that makes it possible for many customers to pay less for solar from day one, and still receive thousands back in tax credits on top of that," said SolarCity CEO Lyndon Rive. "This program will allow thousands of additional customers across the U.S. to install solar this year and start saving money immediately, and we expect to work with multiple lenders that will allow us to expand to several new states by the end of the month with the same great terms for our customers."
SolarCity's new loans replace its popular MyPower product—which allowed SolarCity to provide more loans in 2015 than any other solar installer—with new options that include fixed payments and shorter terms. The new loans offer a range of features:
- 10-year loan with annual percentage rate as low as 2.99%.
- 20-year loan with annual percentage rate as low as 4.99%.
- Customers can prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties.
- SolarCity's loans include the industry's best service package, including a 20-year warranty, production guarantee, and continuous monitoring.
- SolarCity provides the industry's best mounting system and installation aesthetics, and backs up its agreements with the largest in-house service footprint in the industry, with 90 local operations centers.
- SolarCity will provide and install a Nest Thermostat at no additional cost for qualifying customers.
SolarCity's new solar loans are available today in Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Rhode Island, Texas and Washington, D.C., and the company expects to announce new locations soon. Interested homeowners can contact SolarCity directly at 1-888-SOL-CITY (1-888-765-2489) for a free, no-obligation solar consultation or visit the company online at http://www.solarcity.com/residential.
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing solar power to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding customer adoption, savings, loan availability and expansion. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
1 $50/month payment based on a 20-year loan of $7,680 principal amount, at 4.99% APR with monthly auto pay
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